WorksheetsEconomic Sectors - The Private Sector
Total questions: 10
Worksheet time: 5mins
The factor market includes which of the following as factors of production?
land, labor, capital, and entrepreneurship
land, labor, and capital
land only
land and labor only
A group of firms that work together to reduce competition is referred to as
entrepreneurship
private sector
trust
monopoly
Which of these is where households buy goods and services that firms produce?
private sector
labor market
factor market
product market
When two or more people come together to share resources and responsibility over a business, it is referred to as a
nonprofit
sole proprietorship
partnership
corporation
A corporation can be best described as
a business owned by stockholders, who own the rights to the company’s profits
a business set up to provide a benefit to society
a business co-owned by two or more partners who agree how to run it and share the profits or losses
a business organization owned and controlled by one person
According to the circular flow model of the private sector, what do households contribute to the product market?
selling of land, labor, capital
earn income from selling resources
selling goods and services
buying goods and services
According to the circular flow model of the private sector, what do businesses contribute to the factor market?
buying goods and services
selling land, labor, and capital
selling goods and services
buying land, labor, and capital
Which of these are examples of monopolistic competition?
The Standard Oil Company purchases smaller competitors, eventually cornering 90% of the petroleum market
McDonald's, Burger King, Wendy's, and Jack in the Box offer a variety of burgers, chicken, fish, and sides at comparable prices
Levi's, Wrangler, Old Navy, and H & M sell blue jeans, varying in price based on the style
Consumers can choose between cable, satellite, or streaming services like Hulu for television
Which of these are examples of oligopoly?
A group of gas station owners in a town work together to keep their prices similar, hoping to drive away competitors
Hundreds of farmers across the nation grow and sell corn and allows for consumers to compare prices
Large automakers like GM, Ford, Chrysler, Toyota and Honda dominate the American markets, making it hard for smaller automakers to have an impact
A Wal-Mart opens in a small town, forcing many small businesses to close in the months following
Which of these best defines unemployment?
those that cannot provide basic necessities from themselves
those that are able to work but unable to obtain a job
those that are retired or unable to work because of disability
